Wealth managers

AXA Wealth Services (AXA) was today fined £1.8m for giving poor investment advice to elderly and inexperienced customers, even though only 82 people complained. So what went wrong?

The Financial Conduct Authority (FCA) has fined AXA Wealth Services £1,802,200 for failing to ensure it gave suitable investment advice to its customers.

Jane Lowe, director of markets at the Investment Management Association (IMA), is to exit the UK-based trade body in November.

The Financial Conduct Authority (FCA) has confirmed for the first time it has joined an international probe into the alleged rigging of the multi-trillion dollar interest rate derivatives market.

Brooks Macdonald, the AIM-listed wealth management group, reported pre-tax profits were up 22% for the year ending June 2013, although it warned of future pressures on margins.

Martin Wheatley, the chief executive of the Financial Conduct Authority (FCA), has said he wants the regulator's legacy to reflect it ensured wrongdoers "faced the full consequences" of their actions.

Martin Wheatley, the chief executive of the FCA, has admitted to concerns about some of the effects of the RDR on the adviser community, and said the regulator will look into the reduction in the supply of advice for lower earning customers.

The Financial Conduct Authority (FCA) is to carry out a study into the UK cash savings market as part of a programme of work seeking to assess the effectiveness of competition in financial markets.

REGULATION

The Financial Conduct Authority (FCA) has outlined the scenarios in which the payment of cash rebates from providers to consumers can continue after a wider ban comes into force next year.